Birmingham Capital Management Co. Inc. AL Purchases Shares of 44,875 Cleveland-Cliffs Inc. $CLF

Birmingham Capital Management Co. Inc. AL purchased a new stake in Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 44,875 shares of the mining company’s stock, valued at approximately $421,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Cleveland-Cliffs in the 2nd quarter valued at approximately $522,766,000. Vanguard Group Inc. boosted its position in Cleveland-Cliffs by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 54,391,397 shares of the mining company’s stock worth $722,318,000 after acquiring an additional 6,447,462 shares during the last quarter. State Street Corp grew its stake in shares of Cleveland-Cliffs by 14.2% during the 4th quarter. State Street Corp now owns 29,278,156 shares of the mining company’s stock worth $388,814,000 after acquiring an additional 3,632,150 shares in the last quarter. Castle Hook Partners LP grew its stake in shares of Cleveland-Cliffs by 572.4% during the 4th quarter. Castle Hook Partners LP now owns 18,083,029 shares of the mining company’s stock worth $240,143,000 after acquiring an additional 15,393,507 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Cleveland-Cliffs by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 15,489,207 shares of the mining company’s stock valued at $130,873,000 after purchasing an additional 925,031 shares during the last quarter. 67.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Celso L. Goncalves, Jr. sold 214,308 shares of Cleveland-Cliffs stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $13.41, for a total value of $2,873,870.28. Following the completion of the transaction, the executive vice president owned 184,542 shares of the company’s stock, valued at $2,474,708.22. This trade represents a 53.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.95% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CLF. JPMorgan Chase & Co. cut their price objective on shares of Cleveland-Cliffs from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Wells Fargo & Company raised their target price on shares of Cleveland-Cliffs from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cleveland-Cliffs in a research note on Tuesday, July 21st. Barclays boosted their price target on shares of Cleveland-Cliffs from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday, July 24th. Finally, Citigroup restated a “positive” rating on shares of Cleveland-Cliffs in a research note on Friday, July 24th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $11.96.

Cleveland-Cliffs Trading Up 0.5%

NYSE CLF opened at $11.58 on Thursday. The company has a market cap of $6.61 billion, a PE ratio of -7.15 and a beta of 2.09. The company has a current ratio of 1.89, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. Cleveland-Cliffs Inc. has a 12 month low of $7.73 and a 12 month high of $16.70. The stock has a 50 day moving average of $10.91 and a 200-day moving average of $10.70.

Cleveland-Cliffs (NYSE:CLF) last released its earnings results on Thursday, July 23rd. The mining company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. Cleveland-Cliffs had a negative net margin of 4.56% and a negative return on equity of 13.37%. The business had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.15 billion. During the same period last year, the business earned ($0.50) earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. On average, equities research analysts anticipate that Cleveland-Cliffs Inc. will post -0.11 EPS for the current fiscal year.

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.

The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.